18th Jul 2016 10:12
LONDON (Alliance News) - Central Rand Gold Ltd Monday said it has issued new shares to one of its largest shareholders, Bergen Global Opportunity Fund LP, after USD70,000 worth of convertible securities were exercised.
The miner has issued 4.2 million new shares at a price of 1.3 pence each, calculated as 90% of the average five-daily volume weighted average price over the 20 trading days prior to July 14. Compared to the closing share price on both Thursday and Friday last week, the issue price is over a 17% discount.
The new shares represent around 2.87% of the enlarged issued share capital of Central Rand Gold.
At June 17, Bergen Global was the fourth largest shareholder of the company with 6.6 million shares, equal to a 4.66% stake, implying Bergen Global now holds around 10.8 million shares, or a
7.39% stake.
Central Rand shares were down 1.3% to 1.55 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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